Transparency Market Research states that the competitive landscape present in the global wireless access control market It is very fragmented. The leading players in the global market are Bosch Security System, Johnson Controls Plc, ASSA ABLOY Group, Salto Systems K.S and Dormakaba Holding AG. Of these, Dormakaba Holding AG and ASSA ABLOY Group had a leading participation in 2016. Companies are expected to make results-oriented investments to expand their businesses in the near future. The world's developing markets are expected to offer several lucrative opportunities to companies operating in the global wireless access control market. The next residential and commercial segments of emerging economies are expected to create a new platform for the expansion of the global wireless access control market.
According to Transparency Market Research, the global wireless access control market is likely to have a value of US $ 1,657.0 million by the end of 2025 of US $ 830.37 mn in 2016. During the forecast period of 2017 and 2025, it is expected that the Global wireless access control market increased at a compound annual rate of 7.9%. In terms of application, the non-door access control segment is projected to lead the global market with a compound annual rate of 12.9% between 2017 and 2025. At the regional level, Asia Pacific is expected to exhibit an annual compound rate of 9.3% in terms of income. Services industries in emerging economies are likely to invest in better security measures.
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Innovation to boost the absorption of wireless access controls
The increasing adoption of wireless technology has created a positive environment for the wireless access control market. This security measure has become a universally adopted standard. One of the main differences between wireless and cable access control is that wireless access control does not require signaling and power cables for its operations, since it works with batteries and the communication part is done through transceivers or access to the cloud The main advantage of the wireless access control system is its ability to integrate with the existing access control system and other security systems such as video surveillance, intruder detection, fire alarms and others.
Wireless access control systems are continuously updated with new innovative components. For example, the use of smartphones for access controls and the use of electronic locks. One of the key trends in wireless access control is the wide adoption of access control in the residential market due to growing security concerns. Wireless access control systems are the most preferred in residential ones, since they do not require wiring and wiring and, therefore, the interior of the house is not affected. In addition, the use of smartphones in access control can further boost the wireless access control market.
In the coming years, the global wireless access control market will be highly driven by the growing number of technological advances. The inclination towards the creation of a modern life, especially in developing economies, is expected to feed the growth of the general market. Analysts anticipate that the increasing dependence on technology and the elimination of human error to ensure security is also likely to increase in the adoption of wireless access control components in the coming years.
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High cost of implementing wireless access control to inhibit market growth
Despite strong market drivers, the global wireless access control market is likely to be inhibited by some factors. The key factor that restricts the global market is the high cost of implementing wireless access control in any organization. The reluctance to change conventional access control formations has also been identified as a market restriction. In addition, the process of implementing modern wireless access controls can also restrict market growth.